Best business Startup

The Census report — — would seem to be an affirmation of much of the work going on in the state, some of it behind the scenes, to turn the tide of New Mexico's economic doldrums.

Robert Churchill | Thinkstock

In the report New Mexico is identified as having a 2.5 percent growth in startup companies in 2013, the year used for the study. Only Nevada, Florida and North Dakota had a higher growth rate.

Nevada's growth in startup companies was 2.8 percent, Florida's was 2.7 and North Dakota's was 2.6. Utah matched New Mexico with a growth rate of 2.5 percent. The country's average was 2 percent.

New Mexico outpaced high-flying Texas and California, seen by many business watchers as startup meccas. Both those states logged 2.4 percent growth in startup businesses. Arizona posted a growth rate of 2.3 percent.

The overall trend in job creation from startups in the U.S. has been downward in recent decades. In 1987 there was a 3.8 percent growth rate of startup companies, and a 3 percent rate as recently as 2006.

The recession appears to have been largely responsible for the decline in recent years. "Startups were hit hard in the Great Recession (2008-2009) and have not yet recovered, " the report states.

Source: www.bizjournals.com

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